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Doing business in Singapore

  1. Michael Filippone
  2. Wednesday, November 28th, 2012

Doing business in Singapore

Credit: Photo courtesy of Singapore Tourism Board

Doing business in Singapore

Numerous benefits are offered to companies willing to establish their business in Singapore. The tax laws are lenient and immigration requirements are relaxed.

A registration process has to be completed before any business entity can be established in Singapore. However, the process is easy to follow and in most cases can be started via online. The procedure begins with name application and company incorporation. The government requires an Employment Pass and formation of Nominee Director and Corporate Secretarial Services before the entity can become fully operational. Nominal paid-up capital has to be implemented in addition to shareholding requirements. Company registration terms and regulations are as follow.

Company Name Application – An application for company name has to be filed and verified before being accepted. Stringent rules apply when choosing the name of the business. The name cannot be duplicated or imitate another entity. This is the most important step in establishing any corporation in Singapore.

Choosing Resident Directors – A citizen or legal resident of Singapore has to be chosen as a Resident Director. However, the minimum required age is 18, and only one director is necessary to establish the company. Shareholding requirement is waived for new Resident Directors.

Shareholding Obligations – Singapore’s government conditions specify that at least one shareholder has to participate in the formation of the company. Up to 50 shareholders are allowed for larger entities. This region of finances allows both individuals and legal units to contribute without any limitations.

Company Secretary Appointment – The Resident Director cannot act as the Company Secretary. The function must be appointed to another individual. However, 6-month time frame is allowed leaving ample time to complete this assignment. The company’s registration will become invalid if this step is not completed within the time specified by the rules and regulations.

Providing Local Address in Singapore – Physical address in Singapore has to be provided at the time of registration. Any residential or commercial address is accepted coupled with a capital of S$1.

Entrepreneurship is encouraged and welcomed in Singapore. Although the terms and conditions may seem stringent, the entire process can be completed within just a few days and minimal investment involved. Singapore is recognized as one of the most thriving locations on the globe. Educational and business opportunities alike attract individuals seeking wealth and enjoyable living environment. Low crime rate, high standard of living and limitless business prospects draw young generation of financiers to invest in Singapore’s economical possibilities. The city is well recognized for its attractions both residential and commercial. Once under-developed, Singapore is now the center of innovation and unlimited possibilities for the future. Singapore’s resources are limitless and continuously capture the interest of entrepreneurs wishing to establish a new business entity or expand the existing ones.

Doing business in Singapore.

Michael Filippone

About the Author: Michael Filippone

Michael Filippone has traveled throughout Europe, Latin America and Asia. Each year he travels several hundred thousand miles. He regularly visits Singapore for business and has a great love of the Orient.

His favorite things are morning runs in big cities and getting lost. He has a great passion for all things that are water-sport related: paddle surfing, surfing, free diving, fishing, rowing… Here you will find his musings on everything from where to go get lost on a jungle adventure to a road-trip in Thailand to a romantic cruise weaving through the Indonesian archipelago. Here too are hand-selected articles penned for him by writers he likes on the best places to go from Singapore. As well as being one of the key drivers behind setting up, he runs and part-owns – a travel site on all things happening in the wider region. Michael is known to be fond of skipping rope and other than the odd beer, his preferred beverage is coconut water. He loves to fish and play volleyball with his children. He trained as an Olympic rower and loves to see his children find their way in sports and life.

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